European parliamentarians today gave overwhelming backing to new legislation capping bankers bonuses at no more than one-time their base salary.

The European Parliament in Strasbourg voted for a whole package of financial reforms which include forcing banks to improve their capital base. Bankers’ bonuses will be reduced to 100% of their salary or 200% only if the majority of the bank’s shareholders agree.

Morgan Sindall in £64m deal with GLA

Construction group Morgan Sindall has signed contracts with the Greater London Authority for a £63.3 million affordable housing scheme at Lymington Fields in the Chadwell Heath area of Dagenham.

The scheme on the site of the old Barking Technical College is one of the first to be released by London Mayor Boris Johnson to unlock development on public sector-owned land.

Italy seizes €1.8bn in Nomura probe

Prosecutors in Italy are seizing about €1.8 billion (£1.5 billion) of assets from Nomura Holdings as part of a probe into Banca Monte dei Paschi di Siena SpA’s use of derivatives to hide losses.

The sequestration is linked to allegations of fraud and usury. Monte dei Paschi has alleged Nomura colluded with its former managers to devise one of two derivatives in 2008 and 2009 that hid total losses of much as €557 million.